Ravencoin RVN is a company that came as a product of the Bitcoin code Fork. Ravencoin is a digital peer-to-peer network that was made to transfer digital value from one person to another. The Ravencoin whitepaper was published by Bruce Fenton, Tron Black, and Joel Weight.
What Is Ravencoin (RVN)?
Ravencoin is a digital peer-to-peer (P2P) network that aims to implement a use case specific blockchain, designed to efficiently handle one specific function: the transfer of assets from one party to another. Built on a fork of the Bitcoin code, Ravencoin was announced on Oct. 31, 2017 and released binaries for mining on Jan. 3, 2018 with what is called a fair launch: no premine, ICO or masternodes. It was named in reference to the TV show Game of Thrones.
How Does Ravencoin Work?
Ravencoin’s code was copied from Bitcoin but establishes its own unique network, assets, and protocol rules. Other parameters were modified to incentivize asset issuance and communication between users of specific tokens on its network.
To keep its network in sync, Ravencoin uses a variation of the Proof of Work (PoW) consensus mechanism, called KAWPOW, aimed to lower the barrier to entry to mining on its network
Similar to PoW on Bitcoin, KAWPOW is used by a network of computers running the Ravencoin software to secure the network, validate transactions and distribute newly minted RVN.
Token Issuance
To create a new crypto asset, a user must burn (or destroy) a certain amount of RVN coins and provide a unique name for their token.
Upon creation, issuers can also define special characteristics for their token such as the amount of tokens issued, the number of decimal places in which it may be fractioned and its fungibility.
Of note, any token issuer can distribute RVN rewards to their token holders, providing a way to issue dividends within an organization or create incentives within a community, for example.
Messaging
Ravencoin also provides the ability for token creators to message anyone who holds their tokens, allowing specific holders to be notified when they might need to vote on new proposals.
Since all RVN tokens are transferable, token holders can not only delegate their vote to other users of the network, but they can also decide to sell their stake in a community when they choose to.
Governance
All decisions are voted upon by the community. It makes use of the BIP9 rule of governance when modifications are needed on the system.
Native Coin
The Official coin for Ravencoin is RVN, and tokens can be used to issue assets and make transfers to holders. Also, they can be used for anything according to the holder’s needs, ranging from energy credits, land deeds, virtual goods, security, Airline miles, car ownership, etc. All payments, as well as rewards, can be made through the native coin, RVN.
The RVN coin is the official governance token for the Ravencoin blockchain. According to its white paper, users must destroy many RVNs to make a new cryptocurrency asset. The total number of RVN coins in supply is 21 billion, and as the blockchain grows, more exchanges are making use of this digital currency.
What Makes Ravencoin Unique?
As a fork of the Bitcoin code, Ravencoin features four key changes: modified issuance schedule (with block reward of 5,000 RVN), block time reduced to one minute, coin supply capped at 21 billion (a thousand times more than BTC) and a mining algorithm (KAWPOW, formerly X16R and X16RV2 respectively) intended to mitigate the centralization of mining caused by ASIC hardware.
RVN coins are designed as internal currency within the network and must be burnt in order to issue token assets on the Ravenchain. The assets can represent anything: real world custodial objects like gold or physical euros, virtual goods and objects, a share of a project like stocks and securities, airline miles or an hour of someone’s wage, etc.
There was no pre-mine, no ICO and no coins were held for developer or founders rewards. In three years since its inception (as of March 2021), 39% of coins were mined. The total supply is capped at 21 billion coins.
How Is the Ravencoin Network Secured?
Ravencoin is a fork of Bitcoin that uses a proof-of-work mining algorithm called KAWPOW, which replaced X16R and X16RV2 on May 6, 2020.
The X16r algorithm group employed initially uses 16 different hashing algorithms for each mining block, but the order in which they are used is different for every block and is derived from the last 8 bytes of the hash of the previous block. It was thought that the necessity to adapt each cycle did not give ASICs any advantage over CPUs and GPUs.
Ravencoin was hacked in 2020, with news breaking publicly on June 3rd, 2020. During the attack, hackers managed to mint i315 million RVN coins, which constitutes about 1.5% of Ravencoin’s supply cap of 21 billion. At the moment of the announcement, the price of the stolen RVN was estimated at USD $5.7M.
What Is Ravencoin (RVN)?
Ravencoin is a digital peer-to-peer (P2P) network that aims to implement a use case specific blockchain, designed to efficiently handle one specific function: the transfer of assets from one party to another. Built on a fork of the Bitcoin code, Ravencoin was announced on Oct. 31, 2017 and released binaries for mining on Jan. 3, 2018 with what is called a fair launch: no premine, ICO or masternodes. It was named in reference to a TV show Game of Thrones.
Who Are the Founders of Ravencoin?
The Ravencoin whitepaper was published by Bruce Fenton, Tron Black and Joel Weight.
They stand out over the majority of the crypto crowd in that they were all seasoned businessmen and developers before they started this project.
Fenton is well known in crypto for being a board member and an executive director of the Bitcoin Foundation from 2015 to 2018. Before crypto, he had a solid career in investment banking as the vice president of Morgan Stanley in the 90s and a managing director of Atlantis Consulting for 13 years. Currently, he works as a managing director of Chainstone Labs, a stealth fintech startup.
Tron Black is a principal software developer with more than 30 years of experience, including leading several software companies as a CEO. He has been working in crypto since 2013 on several ventures including Verified Wallet, CoinCPA and t0. He is currently employed with Medici Ventures, a subsidiary of Overstock.com focused on blockchain technology applications.
Weight is a chief technology officer at Overstock.com, a well known online retailer. Previously, he has also been involved with Medici Ventures in roles of COO and CTO. He is a veteran software developer who started his career after graduating from the University of Utah in 1998 right in the middle of the dotcom bubble.
What Makes Ravencoin Unique?
As a fork of the Bitcoin code, Ravencoin features four key changes: modified issuance schedule (with block reward of 5,000 RVN), block time reduced to one minute, coin supply capped at 21 billion (a thousand times more than BTC) and a mining algorithm (KAWPOW, formerly X16R and X16RV2 respectively) intended to mitigate the centralization of mining caused by ASIC hardware.
Ravencoin aimsto solve the problem of assets transfer and trading over blockchain. Previously, if someone created an asset on the Bitcoin blockchain, it could be accidentally destroyed when someone traded the coins it was created with.
RVN coins are designed as internal currency within the network and must be burnt in order to issue token assets on the Ravenchain. The assets can represent anything: real world custodial objects like gold or physical euros, virtual goods and objects, a share of a project like stocks and securities, airline miles or an hour of someone’s wage, etc.
The planned future versions of Ravencoin protocol will support integrated messaging and voting systems.
Ravencoin is a type of cryptocurrency. Ravencoin is an electronic monetary unit that circulates in a computer program of the same name (blockchain), consisting of interconnected blocks of information that are constantly synchronized with each update at the time of transactions. There is no centralization of information in one source. All information assets are reflected in the same way for each owner of Ravencoins. Any owner can track the movement of coins, but he does not have such an opportunity to find out who exactly the owner of the wallet is, since all information is strictly confidential and is encrypted.
This "money" was created with the main goal - to be a means of payment on the Internet. Ravencoin is a fork of bitcoin, that is, it is a program that branched off on the basis of the bitcoin blockchain, acquired new properties and now has a completely independent existence. UTXO is a bitcoin model that was taken as the basis for the creation of Ravencoin.
The very name of the cryptocurrency “ravencoin” can be translated as “crow coin”. The fact is that the creators of this payment unit at the time of its appearance were carried away by a certain fantastic series "Game of Thrones", where the main high-speed way of transmitting information is birds - crows.
The beginning of the new project was announced by the developers at the end of 2017. The program started on January 3, 2018.
Since, in principle, this is a bitcoin project, the ravencoin developers do not have their own specific team. Most likely, it was simply difficult to single out among the 400 developers working in the Bitcoin system the most distinguished ones. Although, however, two names appear: Tron Black and Bruce Fenton. The former is a programmer at the investment company Miedici VC and is a leading specialist in senior positions. Bruce Fenton, a member of the board of the Bitcoin Foundation, took over the main consultations on the management of the Ravencoin enterprise.
Ravencoin is able to change the block size from 1 megabyte to 10 megabytes, which allows additional transactions to be performed on the chain at very high data transfer speeds.
Unlike Ethereum and Bitcoin, it is able to transfer ownership of assets. A new ravencoin block is formed in one minute, while the formation of the same block in the bitcoin system takes 10 minutes. The revival of the bitcoin system is 50 tokens, while for mining it is equal to coins, 5000 tokens are required. The release of the level of warriors prepared 21 billion coins, while its predecessor only had 21 million. When using the Bitcoin SHA-256 caching algorithm, it is not possible to avoid the use of ASICs, while the X16R algorithm used by ravencoin makes it possible.
Being a derivative of bitcoin, Ravencoin has its main qualities: the centralization of information and peer-to-peer connections. That is, when a transaction is made, information passes through nodes in the same plane from the sender to the recipient, at the same time it is equally reflected on all block chains. The information in the blocks is constantly compared. Such an arrangement of information excludes the possibility of changing it in one of the blocks without synchronous reflection in others, and there is also no possibility to add or remove part of the content. This is how the data protection system works. Transfer from one block to another takes place within 1 minute. This cryptocurrency is protected from monopolization, that is, it has a complex algorithm that does not allow it to be mined on ASIC equipment.
With the help of RVN, you can reward the purchasers of your tokens. This can be done as a regular incentive, or as dividends from participation in the company (to the holders of your shares).
However, mining is quite successful on ordinary computer equipment with the help of special programs through processors and video cards. You can download them on the official websites. It is proposed to perform mining on pool sites. This is the fastest and most frequent way to get coins.
And yet the most important purpose of this coin is its role as a means of payment. Since the speed of its transfer to another account is 10 times faster than bitcoin, it is much more profitable to make payments with it.
Mining Ravencoin cryptocurrency is possible and quite successful. It should be noted that the coin was issued for ordinary “miners” with little ability in coin mining equipment. Therefore, it must be to your taste. The issue of this coin can be carried out by solving cryptographic problems. At the moment, 20% of such coins have already been issued, which is 4,101,395,000.
From the moment the coin was launched into circulation, namely from the beginning of 2018, the opportunity to mine this currency was provided to everyone, the initial placement of coins was avoided.
At first, the coin was presented on small exchanges, but after listing, it appeared on one of the leading exchanges - Binance, as well as Upbit, Bittrex, Cryptopia and Cryptobridge (RVN / BTC). It is on these exchanges that it is constantly available.
The currency is traded everywhere in tandem with other digital currencies. And only on one exchange - QBTC it can be purchased for other digital currencies and fiat funds. Thus, it turns out that in order to purchase ravencoin on almost all exchanges, a preliminary purchase of bitcoin is required. And only with its help an exchange can be made - the redemption of ravencoin.
The quick start of the coin and the investments invested in it by 2 large companies provided it with a high rating, but at the moment this currency continues to fall. According to the majority of players on modern cryptocurrency exchanges, the price of a coin is greatly inflated and has not been confirmed by anything. Most likely, this money will fall sharply in the near future.
